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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2015
Business Combinations [Abstract] |
Schedule of Acquired Assets and Liabilities | The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in our acquisitions (in thousands):
|  | Shorebreak Hotel |  | Sheraton Suites Key West
Land |  | $ | 19,908 |  |  | $ | 49,592 |
Building and improvements |  | 37,525 |  |  | 43,030 |
Furnitures, fixtures and equipment |  | 1,338 |  |  | 1,378 |
Total fixed assets |  | 58,771 |  |  | 94,000 |
Unfavorable lease liability |  | (349 | ) |  | — |
Other assets and liabilities, net |  | 401 |  |  | 428 |
Total |  | $ | 58,823 |  |  | $ | 94,428 |
Pro Forma Operating Information | The following pro forma financial information presents our results of operations (in thousands, except per share data) as if the hotels acquired in 2015 and 2014 were acquired on January 1, 2014 and January 1, 2013, respectively. The pro forma financial information does not include the Hilton Garden Inn Times Square Central, since the hotel opened on September 1, 2014. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.
| Three Months Ended September 30, |  | Nine Months Ending September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Revenues | $ | 238,502 |  |  | $ | 245,358 |  |  | $ | 708,750 |  |  | $ | 711,481 |
Net income | $ | 24,464 |  |  | $ | 44,624 |  |  | $ | 63,481 |  |  | $ | 110,724 |
Earnings per share: |  |  |  |  |  |  |
Basic earnings per share | $ | 0.12 |  |  | $ | 0.23 |  |  | $ | 0.32 |  |  | $ | 0.57 |
Diluted earnings per share | $ | 0.12 |  |  | $ | 0.23 |  |  | $ | 0.32 |  |  | $ | 0.56 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463 + Details
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